India has seen a raising bar in the progress since liberalisation. Due to external payment crisis, International Monetary Fund (IMF) door had to be knocked. In the year 1991, inflation was at a peak of 16.7 percent, while foreign currency assets were just limited to imports.
As per the statement made by Union Finance Minister, Manmohan Singh, the crisis was both acute and deep.
In today’s scenario analyst as well as an economist are debating on fiscal deficit number of 3 percent of GDP for FY19, while the year from 1990-1991, it was on a higher scale as 8.4 percent of GDP.
In the year 1991-1992 Budget session, Manmohan Singh stated that ” The citizens must be ready to preserve the economic independence and restore the health of the economy “.
He also added, ” That none of the amongst economy or government can live beyond it’s mean as years pass by.”
It counts for three decades since the country has taken a leap. It has been observed that when per capita income was rising, inflation is low and within manageable limits and trade is catching up.
Prime Minister, Narendra Modi is looking towards India as ‘ global power ready for a leadership role’. Arun Jaitley, adds to it by saying that,”we look back to see at how India grew on different parameters since past years and draw enough confidence to aim for a $5 trillion economy by the year 2025″.